National Rural Utilities (NRUC) issues $2.0M 3.96% note maturing Jun 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing Medium-Term Notes, Series D with a principal amount of $2,000,000.00 at an issue price of 100%. The notes carry an interest rate of 3.96% per annum, have an original issue date of June 15, 2026 and a maturity date of June 15, 2027.

Interest is payable each January 15 and July 15 with record dates of January 1 and July 1. The pricing supplement lists no redemption date and no agents commission.

Insights

Debt Capital Markets Analyst

Short-term note issuance adds fixed-rate borrowing at a stated coupon.

The $2,000,000.00 Medium-Term Note is priced at 100% with a fixed 3.96% coupon and one-year tenor from June 15, 2026 to June 15, 2027

Timing and repayment depend on the stated maturity; cash‑flow treatment for proceeds is not specified in the excerpt.

Securities & Finance Counsel

Pricing supplement and counsel opinion provide customary issuance legal comfort.

The counsel opinion references conditions to validity tied to board resolutions, payment and indenture execution and preserves standard insolvency and equitable-law exceptions. The pricing supplement explicitly states no agents commission and no redemption date.

Document reliance is limited to the cited laws of the District of Columbia and New York.

Key Figures

Principal Amount: $2,000,000.00 Issue Price: 100% of Principal Amount Interest Rate: 3.96% per annum +4 more

7 metrics

Principal Amount $2,000,000.00 Series D medium-term note principal

Issue Price 100% of Principal Amount Pricing Supplement No. 10600

Interest Rate 3.96% per annum Fixed coupon on Series D

Original Issue Date June 15, 2026 Date notes are issued

Maturity Date June 15, 2027 Final maturity of Series D

Interest Payment Dates January 15 and July 15 Semiannual interest payments

Agents Commission None As stated in pricing supplement

Key Terms

Pricing Supplement, Indenture, Record Date, Medium-Term Notes, +1 more

5 terms

Pricing Supplement regulatory

"Pricing Supplement No. | 10600 Pricing Supplement Date | June 10, 2026"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Indenture financial

"issuance and delivery of the notes pursuant to the terms of the indenture"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Record Date financial

"Regular Record Dates | Each January 1 and July 1"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

Agents Commission financial

"Agents Commission | None"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 06/12/2026 - 02:29 PM Accepted by SEC EDGAR 06/12/2026 - 02:27 PM Learn about SEC filing dates

FAQ

What are the key terms of NRUC Medium-Term Notes Series D?

The notes have a $2,000,000.00 principal, issued at 100%, with a 3.96% per annum fixed interest rate. The original issue date is June 15, 2026 and maturity is June 15, 2027.

When does NRUC pay interest on these notes?

Interest is payable each January 15 and July 15. Regular record dates for interest are January 1 and July 1, establishing who is eligible for each payment.

Does the pricing supplement allow early redemption for NRUC notes?

The pricing supplement states the Redemption Date: None, indicating no scheduled redemption feature is included in this excerpt for the Series D notes.

Are any underwriting commissions disclosed for the NRUC notes?

The pricing supplement explicitly lists Agents Commission: None, so no agent commission is shown in the provided material for this issuance.

What legal opinions accompany the NRUC note issuance?

Counsel Hogan Lovells US LLP opines the notes will be valid obligations upon receipt of consideration, execution, authentication and delivery, subject to bankruptcy and equitable-law exceptions cited in the opinion.

Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue

Trade Date			June 10, 2026
Pricing Supplement No.			10600
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 15, 2026
Maturity Date			June 15, 2027
Interest Rate			3.96% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.